August 2022 – Kinstellar and Gen Temizer Özer are delighted to have supported Başkent Doğalgaz Dağıtım Gayrimenkul Yatırım Ortaklığı A.Ş., the second-largest gas distributor in Turkey and publicly listed on the Istanbul stock exchange, and Torunlar Enerji Sanayi ve Ticaret A.Ş., a Turkish investment holding company and the majority owner of Başkentgaz, on the acquisition of a 50% stake in AKCEZ Enerji A.Ş. (AKCEZ) from ČEZ Group, which following final closure of the deal will exit its existing joint venture with Akkök Group.
The transaction is subject to, inter alia, approval by the Turkish antitrust authority and local energy regulator.
AKCEZ—a joint venture of ČEZ Group and the Akkök Group—owns the electricity distribution, sale and services businesses, Sakarya Elektrik Dagıtım AS (SEDAS) and Sakarya Elektrik Perakende Satis AS (SEPAS), which together serve two million customers and operate 60 thousand km of distribution networks in the Sakarya province.
ČEZ Group, headquartered in the Czech Republic, is one of the largest utilities and among the largest public companies in Central and Eastern Europe.
The Kinstellar / Gen Temizer Özer team was led by Partners Edmund Emre Özer and Müfit Arapoğlu, together with Associate Nazlı Kardeşler, supported by Seyma Olgun (Senior Associate) and Ege Erol (Associate), as well as by Kamil Blazek (Partner) and Matej Vecera (Associate) as to matters of Czech law.